Bristol-Myers Squibb acquires 2seventy bio for $286M, marking the end of a once-promising biotech. Check out if this is a good deal for BMY or TSVT.

(Reuters) -Bristol Myers Squibb will acquire 2seventy bio for about $286 million in cash, sending the cancer cell therapy maker's shares up 76% in premarket trading on Tuesday. Late on Monday, 2seventy said Bristol Myers will acquire all outstanding shares of the company for $5.

Multiple myeloma cell therapy Abecma is the lone remaining asset of 2seventy Bio, which spun out from Bluebird Bio

Cambridge: 2seventy bio, Inc. has announced a definitive merger agreement under which Bristol Myers Squibb will acquire all of the outstanding shares of 2seventy bio at a price of $5.00 per

The deal ends 2Seventy’s short run as an independent company, during which it restructured, sold off research and lost nearly all of its market value.

Abecma is being jointly developed and commercialized in the U.S. as part of a co-development, co-promotion, and profit share agreement between Bristol Myers Squibb and 2seventy bio. Bristol Myers Squibb assumes sole responsibility for Abecma drug product manufacturing and commercialization outside of the U.S.

Investing.com -- The European Commission has granted Bristol Myers (NYSE: BMY) Squibb, the biopharmaceutical company based in Princeton, N.J., an expanded approval for its CAR-T cell therapy Breyanzi, according to the company on Friday.